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24 PSUs in Uttar Pradesh suffer Rs18,000 crore loss in FY16: CAG

LiveMint 20-05-2017PTI

Lucknow: Out of 65 working public-sector undertakings (PSUs) in Uttar Pradesh, as many as 24 incurred a cumulative loss of Rs18,000 crore, while 33 state-run firms logged a total profit of Rs707.52 crore.

The Comptroller and Auditor General (CAG) in its report for 2015-16, tabled in the state assembly recently, said that “of the 65 working PSUs, 33 PSUs earned a (total) profit of Rs707.52 crore, and 24 PSUs incurred a (cumulative) loss of Rs18,497.42 crore”.

Among the major contributors to the profit were UP Rajkiya Nirman Nigam (Rs207.19 crore), UP Rajya Vidyut Utpadan Nigam (Rs98.71 crore), UP State Industrial Development Corporation Ltd (Rs92.63 crore) and UP State Warehousing Corporation (Rs66.15 crore).

The quality of accounts of PSUs needs improvement, the CAG report said.

“Of the 44 accounts finalised by 31 working companies during October 2015 to September 2016, the statutory auditors had given qualified certificates for 42 accounts, adverse certificate for one account and disclaimer for one account. There were 95 instances where compliance of accounting standards was not done in 26 accounts,” it said.